UK-based digital financial adviser Fintuity has raised over $3m in private and institutional investment in the past year to accelerate the development of its technical platform.

The company said it is developing the platform to offer ‘practical AI-driven advice’ to clients through its Virtual Adviser.

Currently under development, Virtual Adviser is being designed to match the exact client circumstances with personalised financial products and a roadmap strategy to help enhance their portfolio.

According to Fintuity, the capital infusion will allow it to expand its technical offering to clients moving into 2021 and beyond.

Fintuity strategy director Ed Downpatrick said: “Given the current climate, we are delighted that this funding has been awarded and would like to thank our investors – we see it as an integral part of our platform development to deliver the advice that is so sorely needed during this difficult time in and in the coming months will be used to further develop the Fintuity platform to deliver the right advice to our growing number of clients.”

Founded in 2017, Fintuity’s digital platform brings together independent financial adviser and consumer in an ‘easy to use and secure’ interface.

Last year, the firm started offering free financial advice to NHS workers.

In April this year, Singapore-based wealthtech platform Endowus reportedly raked in $17.1m through its Series A financing round.

Last year, B2B wealthtech company InvestSuite raised €3m in a new funding round to drive its growth.